Trump Slaps 40% Tariffs on Myanmar, Laos in Crackdown on 14 Nations
In each letter, Trump warned against retaliatory measures, writing, “If for any reason you decide to raise your Tariffs, then, whatever the number you choose to raise them by will be added onto the tariffs that we charge.”
“The deficit is a major threat to our economy and indeed our national security,” the US President added.
As Trump's crusade to reform US trade policy continues to reveal itself, companies, markets, and policymakers are confronted with increasing uncertainty. Constant changes to tariffs are rendering it hard to schedule production. Inventory. Hiring. And inflation.
Japan and South Korea were the initial two nations included in Trump's most recent tariff statement. Both were slapped with a 25 percent tariff under the new trade policy.
White House press secretary Karoline Leavitt, when asked why President Donald Trump had chosen to target Japan and South Korea first, said it was “the president’s prerogative.”
“Those are the countries he chose,” she added.
She further added that the Trump administration is “close” to finalising agreements with several other trading partners and that Trump “wants to ensure these are the best deals possible.”
